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Copper Retreats From Record High, Crude Falls

COMMODITIES
  • Copper futures have fallen sharply today, as investors look to take profits after prices had risen more than 30% since the start of March to a record high earlier this week.
  • Analysts suggest this is a short-term pullback, as copper is projected to remain in a multi-year deficit ahead.
  • Copper is down 5.5% on the day at $482/lb.
  • Copper futures remain in a clear uptrend, with the contract recently trading through a key resistance at $503.95, the Mar 2022 high. A clear breach of this level would open $520.65, a Fibonacci projection. Initial key support lies at $474.40, the 20-day EMA.
  • Meanwhile, spot gold is down by 1.6% at $2,382/oz, leaving the yellow metal ~$68 below the record high reached on Monday.
  • The medium-term technical outlook for gold remains bullish, with attention on 2452.5 next, a Fibonacci projection. On the downside, the 50-day EMA, at $2293.9, represents a key support.
  • WTI is headed towards its lowest close since March 12 amid continued concerns that interest rates will remain ‘higher for longer’. A further build in US stocks will also add downside.
  • WTI Jul 24 is down 1.4% at $77.6/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $75.64 next, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
  • Henry Hub front month is headed for its highest close since mid-January, supported by rising temperatures, lower production levels year on year, and rising LNG feedgas supplies.
  • US Natgas Jun 24 is up 4.5% at $2.79/mmbtu.
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